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Law Practice Management Case Study

Law Practice Management Case Study. Adam Maingot Emily Pabalan Mason Pokorny Amy Recla. Areas of Focus. Document management Time / Billing / Accounting Managing the Legal Calendar Website recommendations. Document Management. Document Management: Worldox ®. What it is:

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Law Practice Management Case Study

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  1. Law Practice Management Case Study Adam Maingot Emily Pabalan Mason Pokorny Amy Recla

  2. Areas of Focus • Document management • Time / Billing / Accounting • Managing the Legal Calendar • Website recommendations

  3. Document Management

  4. Document Management:Worldox® What it is: A document management system that organizes documents and puts them in their correct file (client, case) Combines all docs into main office computer in a manageable, accessible format after scanning

  5. Worldox® Benefits • Organizes: All docs (incoming and outgoing) are entered into computer via scanning and linked to client’s case (links to Amicus Attorney®, etc) • Cleans up office space: allows scanned docs to be stored elsewhere, out of view • Saves time: access any file regarding any client or issue by simply clicking through files—no more sifting through piles of paper • Affordable: less than $400 per user for the license and $84/month for maintenance

  6. Worldox® Versions • Mobile access is available for higher fee, allowing users to access docs from any mobile device • For less fee, can consider the CompleteCloud version: no software to install, no upgrades to worry about, and at lower cost (about $150 per user per month) • All versions save attorney time and improve efficiency

  7. Tracking Time and Billing Clients

  8. Billing/Accounting – 3 dimensions of lost revenue Inefficiency = lost hours , lost $$$ Inaccurate recognition of time = lost hours , lost $$$ Lack of business intelligence = inappropriate resource allocation, lost $$$

  9. Billing/Accounting - Current State • Tort Cases are billed on a contingency fee basis • Non-Tort Cases are billed on a per hour basis • Time is recorded on paper time sheets • Time sheets are routed to paralegals

  10. Billing/Accounting: (D1) Inefficiency Attorneys must take time out to: • Note Time • Reconcile / tabulate daily/weekly totals Billable time is lost on accounting function Paralegals must take time out to: • Reconcile / tabulate daily/weekly totals • Entering the time into the paycheck system. This function could be eliminated entirely

  11. Billing/Accounting: (D2) Inaccuracy Hours are lost when they are not recorded in real time. • You forget • You under-represent your time because “it took longer than expected” • You went to school for law… not calculus = “I don’t count so good” – aka careless math errors

  12. Billing/Accounting: (D3) Tracking Time wasted on unprofitable ventures is revenue lost • Without an accounting/billing system, it is hard to track the profitability on the “contingency fee” stuff • What are your days in AR? Which clients pay? Which clients pay A LOT? Your billing and Accounting System should tell you where your future efforts should be directed.

  13. Billing/Accounting Future State • Purchase law specific Billing and Accounting software PC Law - 5 User Firm – 2,879.00 Tabs3 – 5 User Firm – 660.00 (time) This cost is returned after properly accounting for just 20 hours (hourly rate 150.00 * 20 hrs = 3,000)

  14. Billing/Accounting Future State Immediate Benefits (from Start Up, Reboot, Reload) • Better Time Management • Efficient Hourly Billing • Discovering your true costs

  15. Billing/Accounting – How to: • Provide training on how to use the software • Create Software Specific Policy / Procedures to ensure everyone understands best practices • Open up PC Law Matter window and track time as it happens • Review / Reconciled total hours at the end of the billing cycle • Record ALL hours

  16. Billing/Accounting – How to: • Schedule client bills to drop at specified due dates. • Set the weekly drop date to a finite day of the week • Tie compensation to billing metrics • Pay bonuses on billing accuracy

  17. Billing/Accounting Future State And most importantly: Sit back and enjoy increased Bottom Line Profitability

  18. Managing the Legal Calendar

  19. Managing Your Calendar • Case Management Software • Manage your calendar as it relates to others in your firm • Variations of people and resources • Day, week, month, etc. • Easily changeable, easy to read and easy to find times of availability (yourself and others)

  20. Recommendation • Amicus Attorney Small Firm Edition • 5 users: $2,095 for licenses + $1000 for maintenance = $3,095 • Multiple Functions • Works w/ WorldDox • Customized to your needs

  21. Considerations • Questions to answer beforehand • Information you will need to gather • Installation • Training • Maintenance

  22. Maximizing your Website

  23. Website Recommendations • Include photos and bios of all attorneys • Make the site interactive • List all areas of law practiced • Be a source of the latest information in the field • Bright colors • User friendly

  24. Marketing Ideas • Designate a “face of the firm” • Join Chamber of Commerce • Join Rotary, etc. • Attend charity events • Try Pay-per Click Ads • Keep in contact with prior clients and potential clients

  25. Thank you!

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